IRS Issues Revenue Procedure 2014-18 To Allow Automatic Extension To File Estate Tax Return To Preserve PortabilityRevenue

The recently enacted portability regulations require those estates under the filing threshold to file a federal estate tax return in order to make the portability election for a surviving spouse. The due date of the federal estate tax return is 9 months after the decedent’s date of death (or 15 months if the return is extended). Because there is no filing requirement for estates under the filing threshold and since many such estates failed to file a federal estate tax return, Revenue Procedure 2014-18 allows for an automatic extension of time to file until December 31, 2014  for federal estate tax returns who desire to make the portability election for decedents who died prior to 2014 and are under the filing threshold, provided certain conditions are met. This relief measure helps those estates below the filing threshold who did not file a federal estate tax return timely because they were unaware of the need to file a federal estate tax return to preserve portability and also those same-sex couples who were retroactively recognized as spouses by the IRS.

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